44-Day Bitcoin Exodus: Coinbase and Binance Shed 76,179 BTC in Less Than 2 Months
In a stunning turn of events, Coinbase and Binance, the leading cryptocurrency exchange and custodial firms, have seen a drain of 76,179 bitcoins within a 44-day period. With a total value of $5.41 billion, this mass exodus highlights a significant shift in the crypto landscape.
Robinhood, on the other hand, bucks the trend and experiences inflows of Bitcoin amidst the outflows witnessed by Coinbase and Binance.
As of Sunday, March 31, 2024, Coinbase and Binance collectively hold 1,570,863 BTC (valued at $111 billion), making them key custodians in the digital currency ecosystem. However, it’s worth noting that both platforms had even larger reserves just 44 days ago, with Coinbase possessing over 1 million BTC.
On February 16, 2024, the value of Coinbase’s 1 million bitcoins amounted to roughly $52 billion, when each BTC was priced at $52,000. Recently, Arkham Intelligence reported that Coinbase’s reserves have dwindled to 928,743 BTC. This reduction implies that Coinbase, based in San Francisco, has either experienced customer withdrawals or engaged in other types of transactions, resulting in the loss of 71,257 BTC since February 16.
Binance’s bitcoin reserves have also decreased, although not as significantly as Coinbase. According to onchain data, Binance has witnessed a withdrawal of about 4,922 BTC, reducing its reserves from 647,042 BTC to 642,120 BTC since February 16.
In total, 76,179 BTC, valued at $5.41 billion based on current exchange rates, have been withdrawn from these platforms. These bitcoins could have been transferred to other exchanges, investment funds, or returned to owners in a noncustodial manner.
In contrast, Robinhood has seen a net inflow of bitcoin during the same 44-day period. The Menlo Park, California-based cryptocurrency firm now holds 138,568 BTC, compared to the 131,066 BTC it had on February 16.
The decrease in bitcoin reserves raises several questions about the current state of the market. What do you make of this significant outflow? Share your thoughts and opinions in the comments section below.